Organization responsible for the development of the Layer 1 blockchain Fantom (FTM), Fantom Foundation, announced the release of the fourth Sonic proposal. This proposal aims to expedite the transition of validators and stakeholders to the new Sonic network.
The proposal outlines such adjustments as increasing gas monetization revenue up to 90% with a new burn model to raise the burn rate for transactions, shortening the staking period to two weeks, and unlocking significant Liquid Staking Token liquidity through liquid staking derivatives. Additionally, it offers migrating FTM tokens from the remaining validator block rewards from Opera to the Sonic network to ensure a limited token supply.
Furthermore, it also proposes targeting a 3.5% yield for validators and stakers when 50% of the network is staked via inflation, which will start from rewards four years post Sonic roll out. It also aims to establish the right to craft the “Migration Validator/Staker Unlock.”
If approved, the vote will finalize the tokenomic migration plan with a detailed whitepaper further prepared, which will include information on all preceeding governance votes.
Governance News
Our 4th #Sonic proposal is here, seeking to accelerate the transition of our validators and stakeholders to the new Sonic network by:
Boosting Gas Monetization revenue to as much as 90% with a new burn model that increases burn rate for transactions… pic.twitter.com/GofSc7zezr
— Fantom Foundation (@FantomFDN) June 27, 2024
Fantom Foundation Unveils Sonic Network And Outlines Migration Plan
The Fantom Foundation announced its plans to upgrade FTM to S in May and intends to release the Sonic Network with a native token leveraging the ticker S.
The Sonic Network is a Layer 1 blockchain featuring a native Layer 2 bridge linked to Ethereum. It handles 2,000 transactions per second (TPS) with sub-second finality, marking an advancement from Fantom Foundation’s current Opera network that supports only 200 TPS. Furthermore, the new network can manage more than 180 million transactions in a 24-hour period, providing real-time confirmations within sub-second intervals.
As part of the transition, users holding FTM tokens will have the option to exchange their funds at a one-to-one ratio for the S token. Additionally, leveraging a new secure bridge architecture, the new blockchain aims to offer enhanced performance to individuals and decentralized applications (dApps) in comparison with the Opera network.
Fantom operates as a Layer 1 project utilizing a unified consensus layer to facilitate the creation of multiple execution blockchains. FTM, the project’s native token, serves various purposes, encompassing payments, governance, and ongoing block rewards distributed to validators and delegators who stake FTM. The network’s independent consensus layer, named Lachesis, incorporates a unique consensus mechanism known as the “Lachesis Protocol,” designed by the Fantom Foundation. Lachesis ensures security across multiple layers, starting with Fantom’s EVM-compatible smart contract blockchain known as Opera.
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